Why protecting your greatest asset is key to financial security
We all know about the “obliged to have” insurances : mortgage protection, car insurance, home insurance, travel insurance. We also often have other forms of protection including health insurance and pet insurance. I've also talked before about life protection and the importance of ensuring you have options and security in place as part of your Plan for Life.
But how many people don’t consider protecting the one thing that pays for everything else? Their income.
Your income is your greatest asset. Without it the bills wouldn’t be paid, the mortgage wouldn’t be paid, the car wouldn’t be there. And there would be no luxuries like gym memberships or holidays.
It can be easy to take your income for granted. But have a think about what would happen if an illness or injury left you unable to work. How long would you receive payment from your employer? Do you have savings you could use to sustain your lifestyle?
If you are entitled to it, State Illness Benefit is currently €203 a week. Would that cover your current outgoings?
Income Protection provides an alternative income while you’re unable to work. This can give you financial security and peace of mind while you recover. Here’s an easy-to-follow video guide to Income Protection.
An income protection plan pays you a replacement income until you return to work or until your chosen retirement date, if you’re not fit to return to work before then. We pride ourselves on being able to match our customers with the best option for them. Just get in touch to discuss your financial planning and advice and we’ll help you put a plan in place.